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The key difference between the law of diminishing returns and decreasing returns to scale is that the. former is in the short run, where at least one factor of production is ï¬xed, whilst the latter is in the long. run, where all factors of production/ inputs can be varied. As seen on the diagram below, long run.
Underlying the law of diminishing returns is the assumption that at least one input remains fixed Diminishing returns are observed as a firm increases production by adding variable to at least one fixed input because as more variable inputs are hired, the amounts of the fixed inputs per variable input they have to work with decreases